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%, that rate, under automatic fiscal cliff increases, could more than double. many investors believe that no matter how the fiscal cliff situation is resolved, dividend tax rates will likely increase in 2013. jamie dimon is getting public praise from billionaire warren buffett. this week on charlie rose, mr. buffett said he thinks mr. dimon could be the "best person for the job" after treasury secretary timothy geithner steps down. mr. buffett notes that dimon could deftly handle another financial crisis, even though jp morgan was forced to take a government bailout during the financial crisis and dimon came under question earlier this year, when the bank lost 6 billion dollars in a trading blunder. cyber monday could almost be re- named "mobile monday." a growing number of consumers used their smartphones and tablets to shop on cyber monday this year. it contributed to an overall bump in sales of 30% from last year. comscore is estimating that sales will reach a whopping 1.5 billion dollars. amazon's kindle fire was the day's most searched-for gift on the web. others that were high
the crisis over, yes, the fiscal cliff. and origin tina's rating is slashed over five notches. we'll speak to a bondholder who once represented the country's creditors. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> as we get into the trading session here in europe, you can see behind me decliners outpacing advancers by about a 4-1 ratio, with stocks shedding about a third of a percent. we'll get to more of that shortly. first take a look at the forces individually to get a sense of where we're seeing the selling pressure and it is pretty much consistent. there's the ibex 35 down .7 of a percent. the ftse down about a third of a percent. not many green spots to find. yesterday we saw that rally in peripheral debt. today we're actually seeing firmer prices across the board, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent
is an issue may pale in comparison to what happens if we go over the fiscal cliff and the resulting incrse in interest rates that might happen. define the problem for us. >> as i've explained in my op-ed in the washington times yesterday, we are facing not just a fiscal cliff, which we can see, which we can attach a firm date to, but we're also facing thereafter and some unknown point that will occur when people stop lending is money. borrowing money right now at a rate of a trillion dollars per year. and at some point our creditors are going to start to demand a higher yield great commander straight. once that happens our abilities to borrow and in these large sums will be severely impaired which will turn our ability to3 fund every government program imaginable, everything from defense to entitlement and everything in between which will be a difficult day. that is the avalanche i am concerned about the. gerri: all kinds of things being talked abut now to solve this disco cliff issue. other areas to generate some kind of revenue. for example, one of these ideas is raising the medicare eli
of the program will focus on the so-called fiscal cliff and income tax rates. we'll be joined by zachary goldfarb. "washington journal" is live on c-span today at 7:00 a.m. eastern. >> some of our live coverage coming up this politico on c-span 2. at 9:00 eastern on c-span 3, a discussion on lessons from the budget deal. the discussion includes tom foaly and former white house chief of staff, john sununu. witnesses include the president of amtrak and a representative of the united transportation union. >> on 16 or 17 bases in the united states, we have military-run schools. the average cost to educate a child in that school per year is $50,000. almost four times what the rest of public education costs. and the vast majority of our base we use public schools. we could take the money we're spending today and pay every public school system $14,000 per child and save billions of dollars per year, just on -- and with the same or better outcomes. >> this weekend, you can talk with oklahoma senator tom coburn about the fiscal cliff and the future of the republican party. he has written several books an
about with the fiscal cliff. he made them more progressive. he created 10% tax rate and took lower income people off the tax roles. because of it, the rich are making more and paying more in taxes. before reagan took office. the bottom 50 paid 7%. the top 50 paid 90. now the top 50 pay 98%. the bottom 50 only pay two. >> bob: what do the top 5% pay? >> andrea: over 80%. 90%? >> bob: are you not embarrassed defend this? >> dana: embarrassed that the policy is so bad and you defend it and you act it will be a great savior and you know it's not. >> bob: i'm getting rap for people making half a billion snore if you do, what president obama is suggesting, raise taxes on the 250 and above you come up with 82 to $83 billion. >> bob: take in account the spending cuts that come in to that. >> dana: what spending cuts? show us. i would love to see any spending cuts. i'll believe it when i see it. >> brian: i think we have to give credit to producers of this world and not vilify them. we have to do what will allow them to grow the economy. to hire more people. >> eric: online for this -- >> b
. the fiscal cliff is much scarier to republicans than it is to democrats. so, the president and his allies must continue to make republicans believe they are willing to go off cliff. senator durbin simply said if we do go off the cliff or the curb on january 1st, we have to be able to quote stop economic growth to prevent us from stopping at the economic growth and hurting everyone. in other words, we have to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator d
with a fiscal cliff, if they get to that point, all the tax rates go up and what he's doing is just offering a bill that would reduce the tax rates on most people. john boehner thinks he has leverage with the debt ceiling. how do you evaluate these two pieces of leverage? >> lawrence, the point that is missing from a lot of these games of chicken and scenarios is that we had an election and it was pretty clear. the democrats won. obama is back in. and one of the clearest issues in that election was that taxes should be raise d and raised on the rich. that gives the president even more lev ranl. i think the president has enormous leverage. if we do go over the cliff in terms of tacks? we go back to the clinton tax rates, which as i remember it, were not so onerous. they certainly were pretty good in terms of the economy. the economy did thot suffer. the economy did much better under clinton than bush. i don't think at least on the tax side, going over the cliff is that big of a deal. it's not really a cliff at all as you suggested and if we get major cuts in the military and defense spending,
in negotiations over tax rates and the fiscal cliff. the duty is, we do have a lot of common ground. we all believe we should extend the tax cuts for 98% of americans and 97% of small businesses. we should be building on that common ground not arguing over semantics. mr. yarmuth: i'm confident there are more republicans like congressman tom cole who have come to the real sargse that ewe can and must provide security for middle class families immediately. as my democratic colleagues and i have been say, that's easy. we should pass the senate bill to extend the current tax rates for middle class and small businesses. too often in washington we confuse principles and policies. certainly the difference between asking the wealthy by raising their tax rate and cutting out tax breaks can't be too different. i urge my colleagues to bring the senate bill to the floor for a vote. the speaker pro tempore: for what purpose does the gentleman seek recognition? >> i ask permission to address the house to address the house for one minute. the speaker pro tempore: the gentleman is recognized. >> every year
? >> the fiscal cliff is a fiscal cliff. a breakeven point at a very good industry rate, around 11 million units. we have an agility baked into the operational plan that we can flex its with demand, supply. the industry and general motors in particular on a supply base service are in a different place than three or four years ago. >> maybe we will put the tock price up to see where it is. you areevery proud that day. the stock has not done much. imr. anyway this talk will get traction while the government still has a quarter to go? >> we have undergone the direct competitors in the market. you have to look apples to apples. number two, that is the ownership of the government, i can't decide when they will develop, can only nick money in north america and we have done a good job. it matters about the stock, we're all concerned about the stock. what drives stock is performance and growth products. >> always great to talk to you. electric, i know you love electric cars, so there you go. i will send this one to you. dagen: they don't make enough noise, the louder, the better. connell: just roll dow
as the battle over the looming fiscal cliff intensifies. will republicans bulge on the top tax rates? will the democrats give in on entitlements. how will the fulone economist said we shouldn't be worried about a fiscal cliff, we should be worried about a fiscal avalanche today. "consumer reports" points to fears it has for consumers of pork. justified fears or junk science. bill: we'll see you then. a red kettle controversy, what is the problem with the salvation army? are you receiving a payout from a legal settlement or annuity over 10 or even 20 years? call imperial structured settlements. the experts at imperial can convert your long-term payout into a lump sum of cash today. campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. martha: this is a crazy story, a shooting over a cellphone video in southern california. oakland police say this a couple recorded a car driving erratic lee and the driver noticed that he was being filmed, on the cellph
or five or six months. >>neil: so you are not in the patty murray camp who says, maybe risk fiscal cliff situation where you just blow past the deadline and everything, the cuts go in effect, the rates become idea, and then you can put together a deal that makes more sense, in this case for the democrats' liking. >>guest: i understand that viewpoint and there will be people on both sides that will say let the bad stuff go in effect and that will put pressure on everyone. that is another alternative. but the risk there is the economy goes back into another recession, the storm market falls and you get real problems so that, to me, that is a pretty big risk to take. >>neil: thank you, dick gephardt. >> remember the white house warning that you don't get progress on the cliff, you are going to see less spending in the fors. a life jet maker did not get that memo because it sent up a storm. >> we are coming to you from sunny los angeles, at lax, and private aviation is booming. europe is announcing, did you see this, of course, vistajet, sit down, now, get a led of this, an $8 billion deal t
on the fiscal cliff as americans on all levels have to prepare to take the tax hit. i hope it doesn't, but i'm going to break it down next. ♪ [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the rit attorney to help guie you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized docunt tanswer any questions. get started at legalzoom.com today. and now you're protected. get started at legalzoom.com today. why they have a raise your rate cd. toght our guest, thomas sargent. nobel laureate in economics, and one of the most cited economisists in the world. what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally
by the fiscal cliff. if you think about creating a business, if you sell it, you want a good capital gains rate. you might have to start firing in january. i think if we miss this deadline the market will get pounded every thursday as claims spike because of mandated layoff where reports are right that a million people will lose their jobs in 2013. also we failed to rise above. and when that happens, believe me, you'll want every bit of this mountain gear. you'll want this -- we got use this. this will no longer just be a key chain, all right? because if we're going to climb out of the cliff, i need you to be the first there, i need you to be the first to the best stocks. so which are they? i envision all segments getting pummelled but the ones that bounce back first will be the ones that are sold down the worst. to me that manse i want to climb out of clift using a stock like home depot. yeah, man, i'm going to climb out there and get this. home depot. that's one i'm going to get. because it's up 54% for the year. the most visible winner in the dow jones industrial average. you may have to buy
progressive. >> eliot: for more on the fiscal cliff negotiations, i'm joined by congressman peter welch, democrat from vermont. thank you for joining us. >> thank you. >> eliot: what should the deal look like? all of the chatter, smoke and mirrors, what is the deal you would like to see? >> well, first of all, i do believe the middle class has a stake and a good, solid balanced, deficit reduction plan. the plan should be what the president campaigned on, namely balance. that means we've got to have a substantial contribution from revenues. the revenues have to come from the folks who have been making good money during the recession. that's folks over $250,000 or some number close to. that the pentagon's got to make a contribution and if there is anything on healthcare, it's gotta be about reforming it, bringing the costs down, not cutting benefits. >> eliot: let's drill down a couple of pieces of this. what do you think the underlying ratio should be between cost cutting and revenue generation. last summer it wa
will focused on the so-called fiscal cliff and the bush era tax rates. our guest will include alex from the mesh enterprise substitute and e than poll lick with the economic policy substitute. washington journal is live on c-span every day at 7:a.m. eastern. >>> on 16 or 17 bases in the united states we have military -- [inaudible] the average cost to agent dmield that school per year is $50,000. almost four times what the rest of the public education costs. and many -- the vast majority of our bases we use public schools. we can take the money we're spending today, pay every public school system $1 4,000 per child and save billions of dollars per year. and with the same or better outcomes. >>> this weekend you can take with oklahoma stater tom coburn about the fiscal cliff. on booktv in-depth. the senator is written several books including the latest "the debt bomb" join the three-hour conversation your call, e-mails, face and comments. live sunday at noon eastern on booktv in-depth on c-span2. >>> former florida governor jeb bush called for higher education standards in the u.s. deliv
this will entail. when we talk about the fiscal cliff, it is the expiration of legislation that will keep tax rates the way that they are and keep spending levels the way that they are right now. the reason why this is a big deal is because right now, this country is running out tremendous budget deficits. it cannot be sustained over the long term. that is the view from most experts to talk to. the only question is to what degree do you pare back? if you're the head of a family and right now we were planning for your family's future, planning for this week, this month, what you're looking at are two things in your budget -- income and expenses. if you make enough money, you can spend enough money. if you spend more than the make, you have to borrow by putting it on your visa or mastercard. right now, the u.s. is trying to pare that down. you go out and find another job, raising revenue, or you cut spending, like vacations planned in the future, or a combination of both. if the fiscal cliff happens, what you have in essence are tax is going higher, more of your paycheck getting taken out, if you are
's looming. the so called fiscal cliff is getting closer and apparently no movement in congress to avoid it so far. the impasse is over raising tax rates on upper bracket income earners. republicans say they're willing to consider a tax hike but they want larger cuts made to benefit programs. the small business leaders came to avoid the cliff and tax hike on the middle class. on friday he's off to philadelphia where he will make a public case for his strategy and two gop leaders. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail. >> the election was conclusive in terms of which path the majority of the american people want to take. >> house republicans are also planning to hold events in the coming weeks with small business owners to highlight the effects the tax increase could have on them and their likelihood. how does the fiscal cliff impact california? larry, a lot of talk on how it will impact high earners. a lot of middle income class folks could feel it as well. >> if we go over the fiscal cliff, we're going to
. the money they're paying out to shareholders ahead of the fiscal cliff wall to get the dividend ahead of the higher tax rate, so costco joins many come over 100 companies that have done much of the same. paying out dividends so you can pay less taxes. melissa: thank you so much. lori: so thoughtful of the company. president obama invited middle-class americans to the white house to showcase those would be most affected a certain tax cuts are not extended. peter barnes live at the white house. >> 85 middle-class taxpayers joining the president at this event part of a pr push to drive them to extend tax cuts for middle-class taxpayers let them expire for wealthier taxpayers. take a listen. >> optimistically i don't think we will get it done tomorrow. but if everybody here goes out of their way to make their voices heard and spread the word to your friends and families and coworkers and neighbors, i am thoughtfudoubtful that we will t done. >> the president meeting with 14 ceos, second such meeting in the last two weeks including the ceos of yahoo, merck, coca-cola and at&t. and lloyd gl
if we go over that cliff, it's a fiscal cliff or it's a fiscal bluff, because what we're talking about is restoring the taxes, tax rates that were around before the bush tax cults came along. we're talking about something that will not affect working-class people except for that loss in the payroll tax they vacation. who's going to get blamed for that? chances are the democrats figure the republicans will be blamed. there's the two-step option, which is let's kick the can down the road for another year, so to speak, while negotiations continue on the long-term grand bargain. that's always in the back hip pocket of members of congress as well. so i don't know that they're feeling the same kind of sense of panic that a lot of us outside are feeling. >> i just got handed this, and let me ask you for your instant analysis on this, dana. it comes from the office of the white house press secretary. it says on thursday governor romney will have a private lunch at the white house with president obama in the private dining room, the first opportunity they've had to visit since the election. the
from going over the so-called fiscal cliff. the president wants to raise taxes on the wealthiest 2 percent of americans and leave current tax rates for everyone else. >> i can't get paid reporting. >> we will be following the latest as it continues to develop on capitol hill. >> will take a quick break. we will be back with more headlines than just a minute. here is a look at the approach to the toll plaza. the ground for now is dry. that will be changing before too much locker we will look at your forecast straight ahead. welcome back. coming up at 4:15 a.m. on this wednesday morning we are tracking the a big storm and high winds. >> take a look is lit up anny . the storm started to approach the peninsula barrett we are not seen too much rain in the san jose area. regardless i was a brown the bay area to see how it is due in your neighborhood. speaking of light ride for portions of interstate 80. under the green indicates that light rain. i did see rain in downtown san francisco. we are seeing some now where 101 leads to interstate 80. i expect the heaviest downpour towill occur b
of these fiscal cliff talks, that is looking at dividends and the tax rate cut that was put in place under the bush administration for dividends. and we'll take a look at that in our series. but just want to get your take on this headline this morning. what are these companies doing? what's going on here? guest: the value of a dividend is not how much the dividend is but it's how much the dividend is after you pay taxes on the dividend. and if the bush tax cuts are not extended, then the value of a dividend next year will be less than it is this year. and this is important for janine investors, of course, but it's also more importantly important for usually the big owners, the families that own big companies like wal-mart and they usually get their income and their lives through dividends from their companies. and they'll have to pay a lot more taxes if they wait until next year. so for quite obvious reasons they want to pay themselves this year rather than next. host: so this is considered income. guest: yes. host: aurora, colorado, independent caller. caller: hi. i just wanted to bring o
on the fiscal cliff earlier this month. raise the debt limit before year's end. boehner's response, there was a price for everything." a year after congressional republicans forced the downgrade of the u.s. credit rating, they are gearing up to do it all over again. speaker boehner told obama at the white house that the debt ceiling is "my leverage." despite having direct experience of how this plays out, despite using the the debt ceiling as a bargaining chip last year and know whag that did to the country, john boehner says he sees doing it again this year as his leverage. >> i'm the most reasonable, responsible person here in washington. the president know this is. >> and i will destroy the american economy single handedly unless you give me something that i want. i will tank this nation's economy. thus wiping away tens of billions of dollars of american wealth by my own decision unless you give me what i want. because i'm the the most reasonable man in washington. we can have disagreements on matters of policy. we can disagree on the tales we tell each other about how to get to
republican leaders say if you want to avoid the fiscal cliff, you need to address the drivers of our debt. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking about tweaking these programs, there are groups in washington around the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to
? wanting to go over the fiscal cliff thing is ridiculous. the white house does not want to do that. send a terrible message to the market. rather than doing that, they would do the decoupling and the tax rates. and then set up some framework. >> bret: how would the president or anybody in the white house think they could get any republicans on board with just doing tax increases or revenue increases? >> bret: i think their plan is to do both. people need to put stuff on the table. they want to have a grand bargain and they want entitlement cuts and the president said that. they have to start hashing that out. >> bret: that is not what they talk about today other than this democrat, erskine bowles who talked to reporters after meeting with the white house and republicans today. >> i think we have to have a substantive real entitlement reform, as much part of the discussion as taxes have been. i stressed that yesterday in the white house. i'll stress it today here. >> if we go over the cliff, you are going to have slow down in economic growth of at least 4%. that puts us back in recession.
, as the fiscal cliff. and right now both sides are sort of getting along and yet there's not actually any progress to report. we want to bring in the former republican governor of the state of new jersey, christine todd whitman. it's nice to have you with us. >> it's a pleasure. >> you have said that the fiscal cliff, obviously, effects the economy clearly. how does it affect national security and education, all these other things that you've ticked off as being impacted by the fiscal cliff that we often don't think about. >> that's what the american security project new report is all about, trying to get people to understand that when the united states falls as it has in the last five years from number one to number seven in competitiveness, that hurts us. it hurts us domestically and internationally. that's part of national security. if we didn't get the message after sandy that our infrastructure is part of national security when you saw how the power outage -- we lost power on our farm for almost two weeks. those things go right to the heart of what keeps this country strong. we need
'm julia with your market wrap. optimism about solving the fiscal cliff sends the dow up 107 points. the s&p rises 11 and the nasdaq adds 24 point. >>> green mountain coffee, shares surged more than 27% with upbeat futures report. >>> and the markets reacted to the beige book showing gains in consumer spending and home sales, which helped boost the economy recently. that's it from cnbc, first in business worldwide. now back to "hardball." >>> back to "hardball." u.s. congressman tom cole of oklahoma signaled republicans should accept president obama's tax offer. earlier today the president made note of it. let's listen. >> i'm glad to see, if you've been reading the papers lately, that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so, if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. >> congressman, thank you for joining us tonight. give us your thinking about why it's important, i know politically it makes sense to many people, middle class, people making u
on the tax issue as we head towards this fiscal cliff. some republicans have, i'm going to say retreated a little in that they will allow more tax revenue from wealthy people, but not raising the tax rate on wealthy people. where do you stand, sir? >> i don't want to raise rates on anybody, because i think that compounds what's already a difficult system in terms of the taxes, but i am for reforming our tax systems, means testing, deductions and things of that nature. so you raise the base upon which the levy is arrived. and reagan and tip o'neal did that when they raised from 78% to 28% and revenues went up and they cleaned up the deductions and tax treatments previously buried in the code. we need to revisit that again. >> do you see any sign that president obama is ready to move over to your position? >> i haven't seen a sign of it and i fear too much politics dominating the white house right now. the race is over, the president has won and he's the leader of the country ap time he sat down at the table with all of us, ready to represent our state and find a solution to the problem th
next, with the fiscal cliff just 35 days away, congressional loerds say president obama isn't doing enough to make a deal. senator mark warner, the third wealthiest man of the senate, outfront on tax rates and whether the president needs to take a bigger role. >>> plus, the u.n. ambassador to the u.s. susan rice, admits the talking points she used after the benghazi attack were wrong. republicans call her answers troubling. >>> and a former mayor spent her life taking on thugs in her town. her fight and her life tonight are now over. let's go out front. >>> good evening, everyone. i'm erin burnett "outfront" tonight, where in the world is president obama? it's been 11 days since he met with congressional leaders on the fiscal cliff. and with impending doom as a lot of people describe it, just 35 days away, key lawmakers say the president hasn't worked hard enough with them to broker a deal. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail presumably with the same old talking points that we're all quite familiar
for areas to enter in o short position on lockheed martin. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rally in early 2013. then you're left with the real facts, that we're massively accumulating debt. interest rates are artificially low at 0%. >> and we've known that. >> and we're counterfeiting money like crazy. that is not the way to build an economy. i mean, come on. how sustainable is this economy? really? >> we got it. you're right. >> did i make my point clear? >> you never know what he's thinking. >> it's the phoney recovery. it's built on an adjustable rate mortgage. an interest rate shock. when it comes out, it's going to wipe out the solvency of this nation. >> that may be the case. everything you say may be right, but the bottom line is i want to know what the stock market is going to do as a result. the fed is printing money. they're going to print more. if you think there's going to be qe-4, why wouldn't the stock market go up? >> because blowing up the amount of base money isn't enough to get the monetary aggreg
about the fiscal cliff that are the absolute worst. and i don't know what -- i mean, the entitlement reform is good. the raising tax rates is probably good. >> the thing that concerns me is because it's not targeted, if you have something -- you have companies like lockheed martin saying this is going to mean massive layoffs. >> lockheed martin is a safer cow. there's got to be fat in the defense industry. >> what about aetna who says this is going to lead to layoffs to the point where it increases their medical costs. so they're going to lay off people. >> we should introduce our nobel laureate. >> we do have a nobel laureate at the table. robert engel is a nobel laureate in economics who won the prestigious award in 2003 for his work analyzing volatility. he's also a professor of finance at nyu's school ofs. while we have you, do you have views on the fiscal cliff? >> you know, the fiscal cliff is on everybody's radar, but i think it's not the only thing that needs to be on our radar because i think that the situation in europe could actually turn out to be just as damaging for the
of nation ever want to worry about the fiscal cliff. it's obviously a very important issue. we will be solved that issue. but today mr. rate in cities like new york, chicago and detroit and elsewhere, kids are now being condemned to a life that's going to be very humbling and frustrating because i know for a fact this case are not going to be able to read. they're not going to compete and they're not going to make up some miraculous way in the 12th grade. so having this twist of focusing on national security may lead this country to understand that if we don't get off the path we are on, we're on a path to a very different kind of america. the person who deserves enormous credit contriving this task force is secretary rice. [applause] >> well, let's talk for a minute about what it would take two if you will, close the gap between where we are and where we want to be. one way to think about it is just the basic skills. one thing we've decided that the council on foreign relations is also the large issue of content. what damage this privacy thinks. when the senate time the night
, and then don't forget. the president will speak on the fiscal cliff in about nine minutes if he's on tine. we'll be right back. at u.s. trust, our expertise extends well beyond investment advice and research analysis. it includes proprietary offerings like our eldercare program, which helps provide for those who came before you. and our financial empowerment program, which helps prepare those who come next. resources like these have made us the number-one trust company. that's why generations of families have come to us to help build their own legacies. >>> about 20 seconds until europe closes. there have been some encouraging signs regarding spanish debt, italian debt, but simon will tell us whether that's transferred to equities. >> the fiscal cliff is primarily what people are focused on. >> the european markets are closing now. >> when i came into work this morning most of the markets wore down. they have cut their losses and moved into positive terr toys as indeed has the dow as a result of the comments from boehner, so the fiscal cliff is center stage, but there's in wildcard, a real wi
, cutting from entitlements, are you worried what will happen if we do fall off the fiscal cliff? i'm curious as to how it would affect your business, in particular. >> some of the issues that are a concern for me in terms of the fiscal cliff, primarily are the transportation funding. i'm a civil engineer working out of denver, a small business. any cuts to transportation funding would significantly impact my business. and on a personal level, absolutely, i feel like we do fall in the higher tax bracket as did a lot of the small business owners. and we feel like it is still the right thing to do to make sure that everybody pays their fair share and that a deal is made so that it's equitable across the board. it is too important. the fiscal cliff will affect not only the national community but colorado economics and of course, my business. >> if you talk to me about the people that were in the room and the sentiment that was expressed to the president, i'm curious as to how many people and if there were some solutions, real solutions that were put on the table. >> it was interesting.
, foreclosures and bankruptcies in the nation. the threat of this fiscal cliff and any failure to find a solution would have a real and negative impact on the recovery in my state. in the days following the election, i received phone calls from job creators in nevada concerned about this fiscal cliff. these business owners told me that this fiscal cliff would be too much for nevada. their employees are already bearing the brunt of congress's inaction. finding a solution, they told me. cut a deal. the devastating effect this fiscal cliff would have on nevada's small businesses would simply be too much for their businesses and the small business sector in nevada to handle. there are a number of issues that republicans and democrats can work together to address immediately. first, we must stop living by a temporary tax code. right now there is no certainty for a small businessman or woman to grow or start a new endeavor. these men and women need to know how to plan for the future so they can invest in new equipment, new buildings and more employees. second, we need fundamental tax reform. that's wha
for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order. i don't see republicans supporting something up here that deals with taxes that doesn't have entitlement reform incorporated into that. so i think right now we're a little bit of a standoff, but the way to solve this would be of course to extend the existing tax rates which is by the way something the president agreed to two years ago when economic growth was stronger than it is today. at that time he said we shouldn't be raising taxes when we have a weak economy. that would be a bad idea. growth today is significantly lower than it was two years ago when he made that statement. we agree it's about jobs and the economy. that's what the president said after the election that he wanted it to be his goal and his pri
for republicans in fiscal cliff negotiations, writinging, quote, the debt ceiling provides plenty of leverage for the gop to trade for spending cuts as done in 2011 or continuing the lower rates. republicans may have lost some of that leverage in this year's election, but if history is any guide, this will come down to the last minute. cliff meets ceiling. brooke? >> christine romans, thank you. >>> actor ben affleck among others begging the united states to do something as more and more are dying in the congo. and today, a huge development in this escalating crisis. but will the world listen? ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. hurry in and try five succulent entrees, like our tender snow crab paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>> it is a conflict thatille
don't we're looking at the bush era tax cuts, but also the overall fiscal cliff. we are trying to rename it to a fiscal obstacle course. we feel it is important not just to -- this dichotomy where you either extend everything or you allowed to expire and hit this cliff. you need to avoid this clicker that is not how it is. -- you need to avoid this cliff. that is not how it is. you have certain things that are good and others should not be extended just for the sake of doing so. in the end, it is pretty clear that the bush era tax cuts, especially for upper-income households, are very inefficient, especially in this current economic situation. the biggest demand is shortfall. the highest income earners would do very little to the economy and that money could be put to much better use in other ways. the for example, you have the low income tax credit to -- a tax credit. their job creation potential is about $5 higher. there's no reason why we should be promoting and extending the policy if we agree it is actually a bad policy. host: the "new york times" reports that tom coburn s
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